Delray Beach, FL, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Automotive Software Market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%, as per the recent study by MarketsandMarkets™. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of automotive software market.
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List of Key Players in Automotive Software Market:
- Robert Bosch GmbH (Germany)
- NXP Semiconductors (Netherlands)
- NVIDIA Corporation (US)
- BlackBerry Limited (Canada)
- Continental AG (Germany)
Drivers, Opportunities and Challenges in Automotive Software Market:
- Driver: Advancements in infotainment systems
- Restraint: Lack of standard protocols for automotive software systems
- Opportunity: Developments in automated driving and software-defined vehicles
- Challenge: Risk of Cyberattacks
Key Findings of the Study:
- ADAS & safety systems segment is expected to witness a significant growth rate in the global automotive software market during the forecast period
- The application software segment is expected to lead the automotive software market growth
- Body control & comfort systems are expected to have significant growth opportunities in EVs during the forecast period
- The automotive software market in Asia Pacific is projected to hold the largest market share by 2030
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ADAS & safety systems segment is expected to witness a significant growth rate in the global automotive software market during the forecast period
ADAS penetration is growing rapidly across most leading auto markets around the globe, with over 40% of all newly sold vehicles being ADAS-enabled in 2023, compared to less than 20% in 2021. This is exceptionally high across the US, China, and Europe, with growing vehicle safety requirements as a regulation for selling vehicles. Further, OEM plans to shift to self-driving vehicle technology, and the government allowing such vehicles on roads will also drive demand. Waymo, for instance, has expanded across the US to provide self-driving vehicle service.
The application software segment is expected to lead the automotive software market growth.
Automotive computing is expanding rapidly in vehicles among various categories of devices such as off-board data processing systems (edge and hybrid cloud), in-vehicle systems (edge and IoT systems), and in-vehicle network systems (security-focused). The shift toward software-defined vehicles has led to advanced software development through collaboration across the automotive, IoT, cloud, and cybersecurity ecosystems. Application software is the topmost layer of automotive software. It supports the architecture and customized functions of the vehicle. These functions include ADAS and safety, powertrain management, infotainment, V2X communication, and vehicle management. Major software developers have designed AI platforms; for example, in November 2021, NVIDIA Corporation (US) developed Drive Chauffeur and Drive Concierge, intelligent technologies that transform the digital experience inside the car. Similarly, companies such as Robert Bosch GmbH (Germany), NXP Semiconductor (Netherlands), Continental AG (Germany), and TomTom International BV (Netherlands) also provide application software layers in the market.
The automotive software market in Asia Pacific is projected to hold the largest market share by 2030
Key regional manufacturers are focusing on strategic partnerships with tier 1 component providers and software providers to keep up with the changing consumer needs. Further, leading technology companies in China are developing software for ADAS systems and connected vehicles. The region is also the software development hub of global OEMs, owing to the lower cost of software outsourcing. This has resulted in competitive OEMs in this market integrating best-in-class software. In China, the largest automotive market in the region, cars with ADAS have become relatively common, with more than 50% of vehicles coming with ADAS features. Further, domestic automakers such as XPENG, Li Auto, ZEEKR, and NIO are also leading the SDV shift. Similarly, Hyundai from South Korea has also integrated automotive software for ADAS, Connectivity, and other features with OTA updates through its 42.dot subsidiary in the region.
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Recent Developments:
- In September 2023, Bosch showcased its Vehicle Dynamics Control 2.0 at IAA Mobility 2023. The software will provide easier handling and safety of automobiles with control over braking, electric powertrain, and electric steering systems. This will lead to less counter-steering with a shorter braking distance.
- In September 2023, NXP Semiconductors worked with Elektrobit to develop software for next-generation automotive BMS. This will reduce the entry-level cost of BMS development and the use of NXP's high-voltage BMS design.
- In May 2023, BlackBerry Limited showcased its QNX Software Development Platform (SDP) 8.0. It will enable automakers to deliver more powerful software products at lower costs while maintaining the safety, security, and reliability of QNX software.
- In February 2022, Jaguar Land Rover partnered with NVIDIA Corporation to deliver next-generation ADAS and AI-powered services. In 2025, new Jaguar and Land Rover vehicles will be built on the NVIDIA DRIVE SDV platform and provide active safety, automated driving, and driver assistance systems.
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